Ted Cruz Branden Camp via ZUMA Wire

Riformare o deformare la Fed?

BERKELEY – La campagna elettorale presidenziale negli Stati Uniti ha preso una piega particolarmente assurda dal momento che i candidati avanzano le loro proposte per la riforma della politica monetaria. Non è la prima volta, naturalmente, che i candidati presidenziali hanno proposto di modificare il modo in cui viene condotta la politica monetaria statunitense. Ma la natura profonda, a volte stramba, degli attuali schemi è eccezionale rispetto agli standard storici.

Il perché tali proposte attirano l’attenzione di candidati e potenziali elettori non è un mistero. A partire dalla crisi finanziaria, la Federal Reserve ha messo in atto una serie di misure senza precedenti, tagliando i tassi di interesse a zero, espandendo in maniera massiccia il proprio bilancio e attuando dei piani di salvataggio delle istituzioni finanziarie in difficoltà. Tali misure erano destinate a curare i mali dell'economia, ma la loro reale associazione con i mali avvalora la convinzione che ne sono in qualche modo la causa di fondo.

Allo stesso modo, la partecipazione della Fed ai salvataggi di istituti finanziari in difficoltà è stata criticata per aver favorito Wall Street rispetto a Main Street. E, a parte, la Fed è stata attaccata per aver creato disuguaglianza, in primo luogo mantenendo i tassi di interesse bassi, e ora alzando i tassi, mettendo così un limite alla crescita dei salari.

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